Auction

An auction is a public sale in which goods or property are sold to the person who offers the highest price. It involves a competitive bidding process, typically conducted by an auctioneer, who announces increasing price increments until no further bids are received. The item or property is then sold to the highest bidder. Auctions can be held for a wide variety of items, from valuable artworks and real estate to everyday objects and livestock. Modern auctions often utilize online platforms, expanding the reach of the event and allowing for remote bidding.

Auction meaning with examples

• The art collector eagerly anticipated the annual auction, hoping to acquire a rare painting. The room was filled with potential buyers, each prepared to bid fiercely for their desired pieces. The auctioneer's skillful pronouncements and rapid pace created a palpable excitement. Finally, the painting he wanted was up, and after a series of tense bidding wars, the collector secured the artwork for a record price, elated by his purchase.
• The city held an auction to sell off abandoned properties. Prospective buyers registered for the event and viewed the available houses. The bidding was aggressive, reflecting the demand for affordable housing. Several properties went for significantly above their initial assessed values. A young couple, after a nail-biting back-and-forth, ultimately won their dream home, starting their new chapter with a burst of joyous energy.
• The farmer used an auction to sell his prize-winning cattle. The auction attracted many interested buyers, including ranchers and meat processors. Bidding started low but quickly escalated as the quality of the livestock became evident. The farmer was pleased with the high prices he received for each animal. With a successful day, the farmer ensured a healthy profit from his hard work, readying his farm for the next harvest.
• The online auction of the vintage car saw bids from around the world. The car's classic style and pristine condition drew considerable interest. The bidding process played out over several days, with bidders constantly raising the price. Finally, a collector from overseas won the car, shattering the previous sales record for that model. The auctioneer's quick fingers online, brought about a lucrative sale.